Devoted to Appellate Law and Practice Within the Sixth Circuit and Its Constituent States

Tuesday, July 18, 2006

Should Law Firm Diversity Be a Criterion in the Appointment of Lead Class Counsel?

Adam Savett has a post in his blog Lies, Damn Lies & Forward-Looking Statements regarding a recent order from the District of Minnesota requiring counsel seeking appointment as lead class counsel to provide the Court with, inter alia, "information concerning the minority and gender membership in your respective law firms ..." This begs the very interesting question whether the diversity characteristics of lawyers and law firms seeking appointment as lead class counsel under the PSLRA can properly be taken into account by district courts making such determinations. The Volokh Conspiracy weighs into the debate with an initial reaction that race, gender and ethnicity may not lawfully be considered.